Navigation Group LLC Takes Position in AbbVie Inc. $ABBV

Key Points

• Navigation Group LLC disclosed a new first-quarter position in AbbVie, buying 4,410 shares valued at about $959,000 in its latest 13F filing.
• Institutional ownership in AbbVie remains high, with 70.23% of shares held by hedge funds and other institutional investors, and several other firms also added to or initiated positions.
• Analysts remain broadly constructive: Morgan Stanley and HSBC raised price targets, and the stock currently carries a Moderate Buy consensus with an average target price of $267.67.

Navigation Group LLC purchased a new position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm purchased 4,410 shares of the company's stock, valued at approximately $959,000.

A number of other large investors have also bought and sold shares of ABBV. Twin Capital Management Inc. lifted its position in AbbVie by 2.4% in the first quarter. Twin Capital Management Inc. now owns 19,426 shares of the company's stock valued at $4,225,000 after purchasing an additional 447 shares during the last quarter. Illinois Municipal Retirement Fund grew its holdings in shares of AbbVie by 4.1% in the first quarter. Illinois Municipal Retirement Fund now owns 175,516 shares of the company's stock worth $38,173,000 after purchasing an additional 6,875 shares during the last quarter. Providence Wealth Advisors LLC grew its holdings in shares of AbbVie by 0.9% in the first quarter. Providence Wealth Advisors LLC now owns 12,779 shares of the company's stock worth $2,738,000 after purchasing an additional 115 shares during the last quarter. Peninsula Asset Management Inc. purchased a new position in shares of AbbVie in the first quarter worth $370,000. Finally, NFSG Corp increased its stake in shares of AbbVie by 1.4% in the first quarter. NFSG Corp now owns 8,735 shares of the company's stock worth $1,900,000 after buying an additional 122 shares during the period. 70.23% of the stock is owned by hedge funds and other institutional investors.

Trending Headlines about AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie’s long-term safety and efficacy extension data for Bimatoprost SR could strengthen the case for its glaucoma pipeline if results continue to show durable safety and benefit. AbbVie’s Bimatoprost SR Extension Data: Why Long-Term Glaucoma Safety Matters for Investors
• Positive Sentiment: Analyst commentary highlighted confidence in AbbVie’s ability to replace Humira revenue, with Skyrizi and Rinvoq helping ease concerns about the company’s long-term earnings outlook. Should You Buy, Sell or Hold ABBV Stock After Its 9% YTD Rise?
• Positive Sentiment: AbbVie has also been described as a trending stock, suggesting elevated investor attention that can reinforce momentum in the shares. AbbVie Inc. (ABBV) Is a Trending Stock: Facts to Know Before Betting on It
• Positive Sentiment: Separate technical coverage pointed to a bullish “golden cross” setup, which may be encouraging traders looking for continued upside momentum in AbbVie. AbbVie vs Baxter: One Golden Cross Is Real, One Is a Trap
• Neutral Sentiment: AbbVie was the target of unusually heavy call-option buying, which shows speculation and near-term trading interest but does not by itself confirm fundamental strength.
• Neutral Sentiment: Some valuation-focused commentary said the stock may be fully priced after its multi-year run, which could temper enthusiasm even as the growth story remains intact. AbbVie (ABBV) Stock Looks Fully Priced After A 152% Run
• Negative Sentiment: Reports that AbbVie has extended a slide for multiple sessions suggest some traders have been taking profits or reacting to valuation concerns in the near term. AbbVie extends slide to a seventh straight session

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Morgan Stanley increased their price target on shares of AbbVie from $270.00 to $278.00 and gave the company an "overweight" rating in a research report on Thursday, April 30th. Canaccord Genuity Group boosted their price objective on shares of AbbVie from $265.00 to $273.00 and gave the company a "buy" rating in a research report on Tuesday, June 23rd. Weiss Ratings reaffirmed a "hold (c)" rating on shares of AbbVie in a research note on Monday, June 8th. Sanford C. Bernstein reiterated a "market perform" rating on shares of AbbVie in a report on Tuesday, June 23rd. Finally, HSBC reissued a "buy" rating and issued a $300.00 target price on shares of AbbVie in a research note on Monday, July 6th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, AbbVie has a consensus rating of "Moderate Buy" and a consensus target price of $267.67.

AbbVie Price Performance

NYSE:ABBV opened at $244.21 on Thursday. The firm's 50-day moving average price is $227.70 and its 200-day moving average price is $221.54. The company has a market capitalization of $431.47 billion, a PE ratio of 120.30, a P/E/G ratio of 0.81 and a beta of 0.30. AbbVie Inc. has a 1-year low of $184.63 and a 1-year high of $261.64.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.59 by $0.06. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.72 billion. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. AbbVie's quarterly revenue was up 12.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.46 earnings per share. Equities analysts anticipate that AbbVie Inc. will post 14.22 EPS for the current fiscal year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Wednesday, July 15th will be given a $1.73 dividend. This represents a $6.92 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Wednesday, July 15th. AbbVie's payout ratio is currently 340.89%.

About AbbVie

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie's product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women's health.

Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc. (NYSE:ABBV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.